DUBLIN--(BUSINESS WIRE)--The "Battery Management System Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion, Lead-acid, Nickel), By Topology (Centralized, Modular), By Application, And Segment Forecasts, 2019 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global battery management system market size is anticipated to reach USD 12.23 billion by 2025. The market is expected to exhibit a CAGR of 19% over the forecast period.
Increasing use of renewable energy for a variety of applications due to rising concerns regarding climate change across the globe is expected to play a key role in the overall market development. Decreasing prices of batteries and solar photovoltaic cells and favorable government incentives are also encouraging end users to use renewable energy, which, in turn, will boost market growth.
However, renewable power sources, such as wind and solar are affected by weather, location, time, etc. leading to inconsistencies when it comes to energy supply. The use of Energy Storage Systems (ESS) in these scenarios helps smoothen these variabilities and store energy for future use.
Demand for effective BMS will increase in future owing to the huge investments made by a number of countries for the larger adoption of renewable energy. Lead-acid batteries are the most commonly used batteries in ESS owing to applications, such as standalone battery systems used to handle output fluctuations from the wind and solar power.
Electricity grids are undergoing modernization through implementing power flow measurement, exercising a larger control on power production and distribution, and monitoring information on electricity use. Further, transmission and distribution of electricity through grids includes transformers, substations, and power lines that transport electricity from the point of generation.
When electricity is distributed though transmission line, it loses its transmission due to high voltage and consumption patterns. Hence BMS helps maintain the balance between excess energy supply and demand. This factor is expected to boost the product demand over the coming years.
Further key findings from the study suggest:
- Growing penetration of UPS solutions in the IT and medical industries to bring down chances of data loss due to unexpected power cuts/outages is expected to spur the demand for BMSs
- Lithium-ion-based battery type is anticipated to witness the highest CAGR of 24.2% over the projected period owing to its applications in products requiring high-energy density solutions, such as Electric Vehicles (EVs), and personal applications, such as mobile phones
- Based on topology, centralized BMSs are anticipated to lead the market over the forecast period due to growing scope of applications, such as in industrial UPS, EVs, drones, and ESS
- Stringent regulations aimed at reducing carbon emissions in developed countries and growing penetration of EVs in emerging economies is expected to spur the product demand in the automotive sector
- Asia Pacific is anticipated to emerge as the fastest-growing regional market from 2019 to 2025. Several countries are encouraging the usage of EVs to bring down the levels of noise and air pollution, which, in turn, will augment the market growth in this region
- Some of the key companies in the global BMS market include Texas Instruments, Inc. (U.S.), NXP Semiconductor N.V. (Netherlands), Elithion, Inc. (U.S.), and Vecture, Inc. (U.S.)
- Elithion Inc.
- Johnson Matthey PLC
- Linear Technology Corporation
- Lithium Balance A/S
- NXP Semiconductor N.V.
- Nuvation Engineering
- Texas Instruments Inc
- Valence Technology Inc.
- Vecture Inc.
- Ventec SAS
For more information about this report visit https://www.researchandmarkets.com/r/vtp132